What matters on Thursday, November 10

Today, Turkey commemorates the 84th anniversary of the death of Mustafa Kemal Ataturk, the founding father of the Republic of Turkey. As is customary, sirens wailed at 9.05 a.m., the exact time he passed away at the age of 57, and millions of people across the country observed two minutes of silence. Special events will be carried out throughout the country today.

Providing loans has become more difficult for the finance sector due to intense regulations and the goals of the low-interest rate policy should be reconsidered, according to TUSIAD President Orhan Turan. Speaking at the 14th Competition Congress in Istanbul, Turan said: “There is a need to reconsider how and which economic goals the low-interest rate policy can achieve if the relationship between the policy rate and interest rates has broken, there is a problem in accessing loans, investments can’t be financed with low-interest rates, and the problems in inflation and foreign exchange rates continue despite policy rate cuts.”

Turan also emphasized that financing should be provided under favorable conditions and access to financing is necessary so that investments can be made in the country. Noting that inflation dynamics have significantly deteriorated over the past four-five years, the TUSIAD President said the inflation problem in the Turkish economy should be bettered with fiscal policies and structural policies for all sectors in addition to monetary policy to fight inflation.

Turkey’s benchmark stock index ended yesterday at 4,360.96 points, up 0.02% from the previous close. Starting the day at 4,354.61 points, Borsa Istanbul’s BIST 100 index earned 0.68 points from the previous close. The index’s lowest value during the day was 4,332.95 points, while its daily high was 4,426.62. The total market value of the BIST 100 was around TRY 3.49tr by market close, with a daily trading volume of TRY 109bn. Global equity markets have been on a mixed course with the adoption of the ‘wait and see’ behavior due to the election and inflation data to be announced in the U.S., according to analysts. They said 4,220-4,280 points will be the support level and 4,500 points will be the resistance level for the BIST 100 index, in technical terms.


The Construction Cost Index jumped 119.83% in September, compared to the same month last year, according to the Turkish Statistical Institute (TurkStat). The index increased by 1.57% on a monthly basis.

The unemployment rate rose by 0.3 points to 10.1% in September, month-over-month, according to TurkStat.

The Central Bank will release the weekly monetary and banking statistics (2.30 p.m.).


>> The omnibus bill regarding the economy entered into force after it was published in the Official Gazette. It includes various regulations such as the extension of the FX-protected TRY deposit accounts (KKM) until December 31, 2023.

>> The consolidated revenues and the number of subscribers of telecommunication company Turk Telekom reached TRY 32.75bn and 52.8 million, respectively, in January-September. The company which has invested TRY 7.1bn this year, has raised the year-end investment target of TRY 13bn to TRY 14bn.

>> Denizbank has secured a USD 605m sustainability-linked syndicated loan. Thus, the bank’s total sustainability-linked financing has reached USD 1.8bn.


>> “Normalization” comes to a halt

The ‘normalization’ policy that Turkey recently undertook with other Middle Eastern countries is in peril, according to our Foreign Policy Columnist Zeynep Gurcanli.

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